Global spending on clean energy projects has reached $2.2trn this year, according to the International Energy Agency (IEA). This includes investment in renewable energy generation, energy storage, grids, low-carbon fuels, energy efficiency, and nuclear.
That huge number falls short of the $4trn that the IEA estimates is needed each year, but it still highlights the vital contribution of these industries in the global economy. It also shows why the energy transition needs leaders who work on deals and projects that determine where investment flows. Their expertise is driving global changes.
This week, Tamarindo has recognised these leaders in the Energy Transition Power List 2026. This is our rundown of the 100 individuals who have had the biggest impact on the rollout of wind, solar, energy storage and e-fuel technologies over the last year.
Now in its 15th year, the Power List programme exists to recognise the people, teams and companies behind the most important deals and projects in these industries. This year’s sweltering temperatures have reminded us of why this work is so crucial.
Hottest year on record
In 2026, the world has experienced either the hottest or second-hottest year on record. This has led to more heatwaves and wildfires, as well as greater pressure on electricity grids. Scientists agree that this has been caused mainly by human activity in 2026, as well as warning that 2027 could be even worse with the addition of El Niño conditions.
These rises could lead to global heating of 1.8°C compared to pre-industrial levels in the most optimistic predictions of the United Nations and potentially as high as 2.6°C in 2100. Both figures would be well above the 1.5°C threshold that entered into force ten years ago, on 4th November 2016, after being agreed at the COP21 conference in Paris in December 2015. Huge investment is needed to curb these rises.
In Europe, for example, there is a goal of unlocking €660bn of investment annually in the energy transition until 2030, which would grow to €695m annually between 2031 and 2040. This relies on the use of public funding to attract private sector investment, and the Energy Transition Power List 2026 includes the companies leading the way.
This year, we have seen a trend in the top 100 of major infrastructure investors buying utilities to take advantage of growing electricity demand to run data centres that power the global rise of artificial intelligence. The insatiable power demand of data centres is an opportunity for rapid expansion of renewable generation including wind and solar, while also accelerating the expansion of natural gas, particularly in the US.
As a result, the US is the location of some of the biggest corporate M&A deals in the energy transition in 2026, which is reflected in our top 100.
These takeovers include the $33.4bn acquisition of AES Corporation by a consortium led by EQT Infrastructure and Global Infrastructure Partners; and the $67bn buyout of Dominion Energy by NextEra Energy Resources. Both deals are being driven by the acquiring companies’ desire to secure their place in supplying power for the AI boom.
We have also seen companies continue to deploy huge investment into new projects, either solely or in partnership with other cash-rich players.
Abu Dhabi’s Masdar deployed $15bn of equity investments into the energy transition in 2025, and has followed up this year with highlights including the formation of a $2.2bn tie-up with TotalEnergies to develop projects in Asia. Meanwhile, Partners Group has raised $15bn for its fourth direct infrastructure programme where fundraising closed in July; and Copenhagen Infrastructure Partners raised $3bn for its Growth Markets Fund II. This shows there is still strong investor interest to back energy transition projects.
The investment shortfall is less about whether capital is available for projects, and rather about whether lenders and investors believe enough projects are bankable. In addition, we have seen greater emphasis on investment in integrated platforms over single-technology developers as investors place greater value on diversified revenue.
One of the big challenges to unlocking further investment is convincing policymakers, and even the record-breaking conditions in 2026 have not galvanised global action.
Anti-renewables rhetoric
Right-leaning political parties are among those who are most noisily casting doubt on the need for action to address man-made climate change. This political opposition makes it harder for those in the renewables, battery storage and e-fuel industries, as even those who are in favour of addressing climate change must tread more carefully. This is on top of practical obstacles to unlocking investment in the energy transition, such as severe grid bottlenecks and shortages of critical materials.
However, one positive change is that companies have been changing their approach to communicating the benefits of renewables and related technologies. Industry efforts to win support are now focused less on arguments about why ‘green’ technologies are intrinsically better for the environment, and more on how renewables help countries to improve their energy security.
This is a crucial shift given upheaval in energy markets following the US-Iran war in the Middle East and ongoing conflict in the Ukraine. Rapid growth in electricity demand for AI can also increase pressure on grids.
Whether anti-renewables politicians like it or not, the companies and leaders featured in the Energy Transition Power List 2026 are at the forefront of helping solve some of the world’s biggest climate, economic and geopolitical challenges in 2026. This is why we celebrate the leaders at companies behind the biggest deals and projects; who are active in multiple key sectors; and who are large enough to shape the transition.
Their work is crucial as unwelcome heat records continue to be broken.
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The Energy Transition Power List 2026 has been published this week to celebrate the top 100 leaders in the energy transition. Their leadership is more important than ever with 2026 on track to be one of the hottest on record and $4bn of investment needed annually in the energy transition.
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